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Armo, Backed by China Investors, To Be Acquired by Lilly for $1.6 Billion

publication date: May 10, 2018

Armo Biosciences, a Bay Area immuno-oncology company, agreed to be acquired by Eli Lilly in a $1.6 billion transaction. Last year, Armo raised $67 million in a 2017 Series C-1 funding from China investors. Four months ago, Armo completed a $128 million IPO at a $500 million valuation. Lilly offered to pay $50 per share for Armo, a three-fold increase from the IPO price and a 67% jump from its previous close, to acquire the company with its portfolio of immuno-oncology candidates. More details....

Stock Symbols: (NSDQ: ARMO) (NYSE: LLY)

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